UVA needs your help: To get $3 billion campaign back on target

The poor economy appears to have depressed giving to the University of Virginia, as officials report that the $3 billion campaign has fallen behind its fundraising goals, the Cavalier Dailyreports. But UVA's development chief vows to round up donations to get back on target. "I’m betting my career on it," Robert Sweeney tells the newspaper. "We are not looking at failure."

They report a 15.1% return in FY '10. And there's a section about their risk management strategies.

I also think that the UVIMCO lost an amount on par with what many organizations lost when stocks and real estate tumbled together. They do seem to have rebounded from that fairly well and quickly, though.

Dan1101 December 3rd, 2010 | 3:42pm

Yeah UVA sure needs money...

Col. Forbin December 3rd, 2010 | 3:43pm

They lost the first billion I gave them!

In all seriousness, though, UVIMCO embraced high-risk securities that were inappropriate for a public university and lost substantial amounts of money. What has changed as to their approach? How do they propose to invest the endowment going forward? What are the current performance statistics? To say that I have serious misgivings is an understatement, and I don't believe that we have had satisfactory explanations to date. Transparency, humility, ethical approach, dedicated research - I am interested in hearing from folks who know if they have the time to educate us.

small town, small minds December 7th, 2010 | 11:20pm

I just hope Sweeney makes good on his promise that his job is on the line. Need to get him off the Lawn.

HarryD December 9th, 2010 | 6:12am

What's he doing on the lawn? Shouldn't he be out pitching the school to some donors?

small town, small minds December 9th, 2010 | 9:28am

@Harry D -- he's taking up space in a pavilion that should be reserved for professors and deans.

idontknowanythingjustaskmywife December 9th, 2010 | 9:41am

small town, small minds, Why Professors and Deans ? What makes them any differant than anyone else.Oh yeah They have jobs for life even if they f#@k up. Intresting??!!
,tenure : a status granted after a trial period to a teacher that gives protection from summary dismissal

Chris December 3rd, 2010 | 5:49pm

@ TJ A significant difference here is that the $3B UVA is seeking through its capital campaign is voluntarily contributed money from private citizens (or perhaps also from corporations who choose to give...though I suppose after Citizens United they're private citizens, too). The state of VA only provides something on the order of 6-8% of UVA's operating budget, I believe.

The Chesapeake Bay foundation should hire some of the fundraisers UVA has had in the past several years.

UVA also provides a pretty fine education to a significant number of people. I agree that cleaning up the Bay is an excellent priority but I'm not sure that having a top flight university on excellent financial ground (through its own doing) is a poor one.

Chris C December 3rd, 2010 | 5:49pm

maybe they should sue more people for non-paid medical bills...seems to have worked for them well in the past.

or maybe they should stop building 3 billion dollar new buildings and walkways?

U-Hoo December 3rd, 2010 | 4:48pm

1. Bob Sweeney does not manage the endowment.

2. The campaign was ahead of target before the Great Recession hit.

3. People don't want to pay taxes to support public higher education. People don't want to pay higher tuition. But people seem to enjoy having a world-class institution in our little burg. Heck, this town would be Gordonsville wiithout it. So who's going to pay for it?

HarryD December 3rd, 2010 | 4:15pm

Needs my help? Hire me to do it and I'll find your money...........quite obvious that if Mr. Sweeney "bet his career on it" last year, he wouldn't be interviewd for this article.

Most salespeople, and that is what the position is, who do not perform- get fired!

TJ December 3rd, 2010 | 4:20pm

Last years return is on par with other businesses as well, given how far the market fell and the rebound this year, nothing to cheer about here.

3 billion dollars for one unversity and todays Washington Post reports it would take an enormous amount of money to clean up the Cheapeake Bay- 7 billion, and there is tremendous resistance to that . Where are our priorities ?

UVA is not a worthy charitable cause December 5th, 2010 | 11:43am

UVA is not a worthy cause, there are real charitable causes out there that need our donations. UVA is a top heavy operation that doesn't need more tax dollars either. It needs to clean house and retire the old guard faculty and administrators that collect six figure salaries.

Jeff D December 5th, 2010 | 11:23am

Let's just close UVA and solve the problem of this unquenchable money vampire.

Poor little cubicle jockeys did not get a raise while everyone else starved? Are we supposed to break down and sob for them?

Don't be so arrogant.

Roger December 4th, 2010 | 12:17am

I actually got a birthday card from UVA for my 50th birthday! It asked if I had considered UVA in my estate planning. W-T-F UVA Yu Sk!

See the chart on the right? That's the income for the academic division. None of it is from patient funding. In fact, since teaching and research funding pays part of the salaries of anyone related to the medical school, The academic side helps pay for the hospital.

And total profit from the hospital is between 50 and 100 million for 20100, that's less than 5% of the operating expenses of the academic side, anyway, even if it were to be given away.

KS December 6th, 2010 | 2:52am

That should read "2010", of course.

HarryD December 11th, 2010 | 7:26am

STSM- I see- then he should definately be out and about pitching to potential donors as no one should take up profesor and dean space.......except students